Asian Markets Update @ 7 am
The SGX Nifty is trading 36 (-0.2%) points lower than its last close, indicating a negative start for the Nifty50 today. Major Asian markets are trading mixed. Japan's Nikkei 225 rose 0.1%, while Hong Kong's Hang Seng Index fell 0.9%.
Global Market Update
The US market ended mixed on Wednesday, with tech stocks falling sharply as Treasury yields continued to rise amid sticky inflation suggesting the Fed may raise rates more than expected.
The Dow Jones ended flat with a positive bias, while the S&P 500 lost 0.4%. The technology-heavy Nasdaq declined 0.6%.
Index Action
Nifty50
March Futures @ 17,538 📈▲135 (+0.7%)
OI Contracts: 2,29,768 (-2.2%)
The Nifty50 started the month of March on a positive note, snapping its eight-day losing streak. The index reclaimed its 200-day moving average and ended near the day's high, led by gains in metal and banking stocks.
All major sectoral indices ended in the green, with Metal (+3.9%) and PSU Bank (+2.9%) advancing the most.
The Nifty50 options expiring today have significant positions at 17,500 and 17,600 calls and 17,400 and 17,300 puts.
According to options data and OI analysis, the Nifty50's long range for the 29 March expiry is between 16,800 and 18,000. On the other hand, 17,300 and 17,600 is the short-term range for the current week.
Bank Nifty
March Futures: 40,942 📈▲455 (+1.1%)
OI Contracts: 99,002 (-2.5%)
The Bank Nifty rose over 1% to close near the day's high. With 11 of the 12 stocks in the banking index closing in green, the index surged to the 40,700 level.
Among banking stocks, Federal Bank (+4.0%) and Punjab National Bank (+3.7%) were the top gainers, while HDFC Bank (-0.1%) was the only stock to end in the red.
The Bank Nifty's options expiring today have significant positions at the 41,000 and 41,500 calls and 40,000 and 40,500 puts.
According to options data and OI analysis, Bank Nifty's range for the 29th March expiry is between 39,400 and 42,000. On the other hand, 40,400 and 41,000 is the short-term range for the current week.
FII and DII Data💰
The Foreign Institutional Investors (FIIs) sold shares worth ₹424 crore, while Domestic Institutional Investors (DIIs) bought shares worth ₹1,498 crore in the cash market. In the derivatives market, FIIs bought index futures worth ₹638 crore and index options worth ₹2,353 crore. Further, they bought stock futures worth ₹975 crore and sold stock options worth ₹246 crore.
India VIX
The fear gauge India VIX fell 7.2% to 13.00.
Stock Action📊
Long build-up was seen in Polycab, Max Financial Services, Rain Industries and Tata Steel.
Short build-up was seen in Cipla, Bharat Petroleum, Petronet LNG, TVS Motor and Godrej Consumer Products.
*In Futures and Options or F&O, long build-up means an increase in Open Interest (OI) along with an increase in price, and short build-up means an increase in Open Interest (OI) along with a decrease in price.
**Source: nseindia.com. Cash market figures are provisional.